Florida Lifestyle Realty Property Management
Rental Property is a Business
As a business your residential rental property has income and expenses. The income is one thing – rent. The expenses, however, are many. Some of the most common ones are mortgage payments, homeowners or condo association dues, utilities, pest control, maintenance and repairs, upgrades, management fees, advertising, legal and accounting expenses. All of these things affect your business cash flow, money comes in through rent and money goes out to pay expenses.
Several factors can affect your rental income and make it go up or down. High demand for rentals can make the rent increase. Low demand for rentals can make the rent go down. Vacancy and collection loss (a tenant who doesn’t pay the rent) will reduce the rental income. Both the owner and property manager have no control of market forces. We also have no control over the job, health or family circumstances of the tenant that may cause a tenant to move thus creating a vacancy.
Most often the question is asked, “What is the best property to buy?” There is no “ best” property. There are only classifications or groups of properties that fit your investment criteria. Several factors to consider are:
- Financial Risk
- Type of Property
- Size of Property
- Quality of Investment
- Return on Investment
The criteria can be endless but you get the idea. Each investor must decide what factors are important and write them down so you can discuss them with us.
You need a company you can trust to handle your operational responsibilities. We have the experience you want in property management. We offer full service management for residential properties. We have a dedicated team of professionals ready to help you maximize your profits without sacrificing on service. Here is just a small list of the services you can expect:
- Rate Analysis – We will analyze the market and find the rental rates that will make you the most money
- Lease Administration – Whether it’s billing and collection or tenant screening, we will handle it for you
- Building Maintenance – We will make sure your properties are clean and operating efficiently at all times
- Marketing – Our marketing strategies will keep your occupancy and tenant retention rates high.
Long Term Rental Management
We offer 2 types of Management services, short and long term. The long term rental management fees are ½ of the 1st months rent and 10% of every month thereafter. We will advertise the property, process rental applications and give you a report to review and decide whether or not the tenant will be a good fit. Once a tenant has been approved we will contact the prospective tenant and advise them to contact the attorney to schedule a lease signing appointment. We will collect security deposit, 1st months rent, pro-rated rent and any pet deposits as applicable. We will collect the rent each month and disburse your portion each month. Tenant will call us with any maintenance concerns and we will in turn work with you to resolve it. Upon move out, we will inspect the property and take photographs to insure we are addressing any problems prior to returning their deposit. We handle the rental from start to finish.
Seasonal – Short Term Rental Management
We also manage short term or otherwise known as seasonal rentals. The management fee for a seasonal rental is 15% of each month that you are rented. There are licensing requirements with the state/county and most cities that we will process on your behalf and are minimal. Much like the long term rental we will process the rental application, provide you with a report to review so you can decide whether or not the prospective tenant will work for you. Once the tenant has been approved, we will require a deposit to take the rental off of the market and our Property Manager will send over the lease for signature. Typically with the short term rentals we do not require the 1st months rent until 30 days prior to their arrival. Like the Long Term Rental Management, tenants will also call us with any concerns they have regarding the property and we will address any problems that could arise. Upon move out we will have the property inspected and cleaned. We will return their deposit upon receipt of the final bills and after the property has been cleaned.
One Time Rental Placement Service
For those of you who are looking for a tenant we also offer placement services. This service allows you to still be involved with your tenant without the hassle of finding one. We will market the property, process applications and present to you our findings. If you decide it is a good fit, we will arrange for them to have a lease signed with an attorney and we will then turn it over to you. This service is 1 full months rent. After collecting the 1st months rent and security deposit, we will disburse to you the security deposit alongside a copy of the lease. Once the lease becomes close to expiring, contact us and we will get a renewal out for you for only $200.00. If your tenant gives you notice that they will be vacating let us know and we will advertise and market the property out for rent so you do not miss an opportunity.